JPMorgan gives Jamie Dimon a special action option bonus to keep him as CEO for several more years

JP Morgan CEO Jamie Dimon gives a speech during the grand opening of the new French headquarters of JP Morgan of the United States bank on June 29, 2021 in Paris.

Michel Eulero | AFP | .

JPMorgan Chase conceded to Jamie Dimon new action options as retention bonus incentivize the chief executive officer a lead the banking giant for some more years.

Dimon received 1.5 million share revaluation rights, one form of options contracts that it can exercise in five years if the title price rises. JP Morgan shares closed at $ 149.71 on Tuesday after climbing 18% this year on the back of the economic reopening.

“This special award reflects the board’s desire for Mr. Dimon to continue to lead the company for an additional significant number of years “, the bank She said in a regulatory storage area.

These options wanted give Demon a profit of about $ 49 million after a 10-year dressing schedule, the Financial Times reported, quoting people familiar.

“In doing the special award, the board given the importance of Mr. Dimon continues, long term administration of the company, leadership continuity and management succession planning in a highly competitive landscape for executive leadership talent “, il bank She said.

Dimon, 65, took over JP Morgan in 2005 and built the lender based in New York in the larger United States bank after financial crisis. For years he made a joke in running of saying that it is always five years from taking a step down. which coincided with the departure of some executives who they had been seen as potential successors.

In May, the bank named Marianne Lake and Jennifer Piepszak a run the company’s sprawling consumer bank after such a long time manager announced his retirement.

The succession talks had resurfaced after Dimon closed call that required emergency heart surgery last year.

The bank kept Dimon’s annual pay at $ 31.5 million for 2020. CEO achieved a 1.6% increase in the previous year after his bank posted record earnings is shares of the company has grown.

JPMorgan is cool off a better than expected quarter as the bank released money set apart from for loan losses in a context of improving prospects on the United States economy.

– CNBC’s Hugh Son contributed to the report.

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